Moderna, Inc.MRNA
Moderna, Inc. Revenue Disclosure
3. Net Product Sales
Net product sales by customer geographic location were as follows for the periods presented (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| United States | $ | 1,165 | $ | 1,726 | $ | 1,720 | ||||||||||||||
| Europe | 50 | 573 | 1,353 | |||||||||||||||||
Rest of world | 603 | 810 | 3,598 | |||||||||||||||||
| Total | $ | 1,818 | $ | 3,109 | $ | 6,671 | ||||||||||||||
Net product sales by product were as follows (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
COVID(1) | $ | 1,810 | $ | 3,084 | $ | 6,671 | ||||||||||||||
| RSV | 8 | 25 | — | |||||||||||||||||
| Total | $ | 1,818 | $ | 3,109 | $ | 6,671 | ||||||||||||||
_______
(1)Includes sales of Spikevax and mNEXSPIKE.
As of December 31, 2025, we have three commercial products, our COVID vaccines, Spikevax and mNEXSPIKE, and our RSV vaccine, mRESVIA. mRESVIA was approved by the FDA in May 2024 for adults aged 60 years and older, and in June 2025, the approved use was expanded to include adults aged 18 through 59 years who are at increased risk for lower respiratory tract disease (LRTD) caused by RSV. We launched commercial sales of mRESVIA in the third quarter of 2024. In May 2025, mNEXSPIKE was approved for use in adults aged 65 years and older, as well as individuals aged 12 through 64 years with at least one underlying risk factor. We launched commercial sales of mNEXSPIKE in the third quarter of 2025.
We sell our COVID and RSV vaccines to the commercial market as well as to foreign governments and international organizations. In the U.S., our COVID and RSV vaccines are sold primarily to wholesalers and distributors, and to a lesser extent, directly to retailers and healthcare providers. Wholesalers and distributors typically do not make upfront payments to us. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and pre-orders, provisions for sales returns and government rebates, and other related deductions.
The following table summarizes product sales provision for the periods presented (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Gross product sales | $ | 3,304 | $ | 4,517 | $ | 8,203 | ||||||||||||||
Product sales provision: | ||||||||||||||||||||
Wholesaler chargebacks, discounts and fees | (1,037) | (1,141) | (976) | |||||||||||||||||
Returns, rebates and other fees (1) | (449) | (267) | (556) | |||||||||||||||||
Total product sales provision | $ | (1,486) | $ | (1,408) | $ | (1,532) | ||||||||||||||
| Net product sales | $ | 1,818 | $ | 3,109 | $ | 6,671 | ||||||||||||||
_______
(1)Includes an adjustment of approximately $216 million in 2024, reflecting a reduction in prior year provision estimates, primarily related to returns and chargebacks for the previous COVID vaccine season. Adjustments recorded in 2025 related to prior year provision estimates were not material.
The following table summarizes the activities related to product sales provision recorded as accrued liabilities for the year ended December 31, 2025 (in millions):
Returns, rebates and other fees | ||||||||
| Balance at December 31, 2024 | $ | (370) | ||||||
| Provision related to sales made in current period | (436) | |||||||
Provision related to sales made in prior periods | (13) | |||||||
| Payments and returns related to sales made in current period | 28 | |||||||
| Payments and returns related to sales made in prior periods | 282 | |||||||
| Balance at December 31, 2025 | $ | (509) | ||||||
4. Other Revenue
The following table summarizes other revenue for the periods presented (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Grant revenue | $ | 22 | $ | 37 | $ | 94 | ||||||||||||||
| 13 | 48 | 83 | ||||||||||||||||||
| Licensing and royalty revenue | 11 | 42 | — | |||||||||||||||||
Stand-ready manufacturing revenue | 80 | $ | — | $ | — | |||||||||||||||
| Total other revenue | $ | 126 | $ | 127 | $ | 177 | ||||||||||||||
Grant Revenue
In April 2020, we entered into an agreement with the Biomedical Advanced Research and Development Authority (BARDA), a division of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), for an award of up to $483 million to accelerate development of our original COVID vaccine, mRNA-1273. The agreement has been subsequently amended to provide for additional commitments to support various late-stage clinical development efforts of our original COVID vaccine, including a 30,000 participant Phase 3 study, pediatric clinical trials, adolescent clinical trials and pharmacovigilance studies. The maximum award from BARDA, inclusive of all amendments, was approximately $1.8 billion. All contract options have been exercised. The BARDA contract concluded on June 15, 2025, upon completion of all contractual deliverables. We accrued and recognized revenue through that date for eligible costs incurred in accordance with the agreement. As of December 31, 2025, the remaining available funding, net of revenue earned, was approximately $62 million. While this funding remains available, we do not expect to recognize material additional revenue, as the contract has concluded and all obligations have been fulfilled. Final billing and closeout activities are ongoing and may result in immaterial adjustments to the recognized revenue amount.
The following table summarizes grant revenue for the periods presented (in millions):
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| BARDA | $ | 9 | $ | 34 | $ | 88 | |||||||||||
| Other grant revenue | 13 | 3 | 6 | ||||||||||||||
| Total grant revenue | $ | 22 | $ | 37 | $ | 94 | |||||||||||
Collaboration Revenue
We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across therapeutic areas. As of December 31, 2025, 2024 and 2023, we had collaboration agreements with Merck & Co., Inc (Merck), Vertex Pharmaceuticals Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), and others. See Note 5 to for further description of these collaboration agreements.
The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| Collaboration Revenue by Strategic Collaborator: | 2025 | 2024 | 2023 | |||||||||||||||||
| Vertex | $ | 13 | $ | 23 | $ | 82 | ||||||||||||||
| Other | — | 25 | 1 | |||||||||||||||||
| Total collaboration revenue | $ | 13 | $ | 48 | $ | 83 | ||||||||||||||
Licensing and Royalty Revenue
In April 2024, we entered a non-exclusive out-licensing agreement with a pharmaceutical company based in Japan for mRNA COVID-related intellectual property for the territory of Japan. Under the terms of the agreement, we received an upfront payment of $50 million, which included a $20 million prepayment creditable against future royalties. Additionally, we are entitled to receive low double-digit royalties on the net sales of the company’s COVID product. Upon execution of the agreement, we recognized $30 million of the upfront payment as other revenue in our consolidated statements of operations. The remaining $20 million was recorded as deferred revenue in our consolidated balance sheets and recognized as royalty revenue as the underlying sales occurred. In accordance with the terms of the agreement, the $20 million was fully recognized by the end of the first quarter of 2025.
Stand-Ready Manufacturing Revenue
Stand-ready manufacturing revenue relates to amounts recognized under long-term strategic agreements with government entities for maintaining mRNA manufacturing capacities and support pandemic readiness.
16. Geographic Information
Geographic Revenue
We operate in one reporting segment that primarily focuses on the discovery, development and commercialization of mRNA medicines. Our chief executive officer manages our operations and evaluates our financial performance on a consolidated basis. Most of our principal operations, other than manufacturing, and our decision-making functions are located at our corporate headquarters in the United States.
Total revenue by geographic area of our customers and collaborators was as follows (in millions):
| Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| United States | $ | 1,199 | $ | 1,785 | $ | 1,895 | ||||||||||||||
| Europe | 53 | 598 | 1,355 | |||||||||||||||||
Rest of world | 692 | 853 | 3,598 | |||||||||||||||||
| Total | $ | 1,944 | $ | 3,236 | $ | 6,848 | ||||||||||||||
Our property, plant and equipment, including financing right-of-use assets, by geographic area was as follows (in millions):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 1,468 | $ | 1,532 | ||||||||||
| Europe | 303 | 283 | ||||||||||||
| Rest of world | 363 | 381 | ||||||||||||
| Total | $ | 2,134 | $ | 2,196 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.